Transwestern Real Estate Services has recently acquired 181 West Madison, a 50-story office tower in the Chicago Loop. The property was previously owned by SinOceanic I Ltd., who purchased it after acquiring MB Real Estate earlier this year. Transwestern has been managing and leasing the building since its opening, with Executive Vice President and Managing Director of Leasing Mark Buth and Associate Broker John Nelson leading the leasing efforts.
According to Buth, “It is an exciting time for 181 West Madison as it currently boasts an impressive occupancy rate of 87%. With a stable owner in place, we are confident that our onsite team will continue to outperform other Class A properties in the area.”
The tower was co-developed by J. Paul Beitler and Lee Miglin and completed construction in 1990. In May of this year, SL Green Realty Corp took over ownership from Sinoceanic I Ltd after a judge ordered them to resolve an unpaid $185 million judgment during their bankruptcy proceedings. As part of recent updates at the property, a new tenant lounge was added earlier this year.
This acquisition marks another successful investment for Transwestern Real Estate Services as they continue to expand their portfolio with high-quality properties like 181 West Madison.
